From 2h agoIntroduction: Asian stocks slide as Trump hits more than 80 countries with new tariffsGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Asian stock markets have taken a beating overnight as investors come to terms with Donald Trump imposing a fresh round of sweeping trade tariffs.The US president announced a tariff of between 10% to 12.5% on dozens of countries, including the United Kingdom, Mexico, Canada, Australia, India, China and the 27 countries that make up the European Union.It effectively replaces the blanket 10% tariff that Trump imposed in February, right after the US supreme court declared that many of his earlier tariffs were illegal.The Japanese Nikkei 225 has shed 3.1% today, while the Chinese SSE Composite is down 1.4%. Hong Kong’s Hang Seng index has also dropped 11.4%, and the South Korean Kospi, which is heavily influenced by its huge chip companies, has taken a brutal 6.2% hit.The new levies are expected to fall under section 301 of the Trade Act of 1974, which is aimed against countries that engage in forced labor. Trump had said his administration would investigate unfair trading practices to impose permanent tariffs as soon as the February supreme court decision was announced.US trade representative Jamieson Greer said in a statement: